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PhD COMMITTEE #4 December 2, 2019MEMORANDUM November 29, 2019TO:Planning, Housing, and Economic Development CommitteeFROM:Linda McMillan, Senior Legislative AnalystVSUBJECT:Update: “Troubled Properties
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How to fill out troubled properties

01
Analyze the current condition of the troubled property.
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Identify the areas that need attention and improvement.
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Engage qualified professionals, such as contractors or inspectors, if necessary.
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Allocate adequate resources, including time and budget, to complete the repairs or renovations.
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Follow local regulations and obtain any necessary permits.
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Conduct regular inspections to ensure progress and quality of work.
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Monitor the financial aspects, such as budget and costs, to stay within the allocated resources.
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Document the improvement process for future reference.
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Evaluate the results and make necessary adjustments to optimize the troubled property.

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Troubled properties can be of interest to various individuals or entities, including:
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- Real estate investors looking for opportunities to buy distressed properties at a lower price and turn them into profitable assets.
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- Developers seeking to transform underperforming properties into vibrant and attractive spaces.
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- Homebuyers or renters searching for affordable housing options.
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- Government agencies or nonprofit organizations focusing on community revitalization and housing programs.
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- Financial institutions dealing with foreclosure properties and aiming to mitigate losses.
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- Property owners who want to improve the value and marketability of their troubled assets.
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- Contractors or service providers specializing in property rehabilitation or renovation.
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Troubled properties are real estate assets or properties that are experiencing financial or operational difficulties.
Owners or entities with a stake in troubled properties are required to file relevant documentation.
Troubled properties must be filled out accurately and completely with all relevant information regarding the financial or operational issues.
The purpose of troubled properties is to document and assess the financial or operational challenges faced by the property owners or stakeholders.
Information such as financial statements, property assessments, and details of any ongoing issues must be reported on troubled properties.
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